Neelachal Ispat Nigam Limited (NINL), price setter of Indian Pig iron industry, has lowered offers by Rs 1,000-1,500/MT for domestic buyers w.e.f August 27.
NINL's Pig iron Prices w.e.f August 27
Grade Si% Price (Rs/MT)
N2 1.25-1.79 22,000 (-1,000)
N3 1.8-2.2 22,500 (-1,500)
(Basic Prices; Ex NINL Plant basis)
Prices valid till September 13
N2 (steel) & N3 (foundry) is for Road dispatches only
NINL, the state owned and India's largest Pig iron producer had closed domestic sales for steel and foundry grade Pig iron from August 17-26.
Offers have dropped sharply as the company's stock (Pig iron) position is quiet low coupled with poor off take and availability of cheaper substitute.
Sales of N1/steel (Si % Upto 1.24) grade material continues to be on hold, as NINL is concentrating on export market which is quiet favorable presently.
We think NINL, Nation's largest Pig iron exporter might offer 60,000 tons to international buyers in the current week itself, looking at the free fall in Rupee which has slipped to 65.99 level against US dollar.
For more details, contact
Seema Goenka
(seema@steelmint.com)
Leave a Reply